Any new Townhouse/Condos in Irvine w/o Mello-Roos???

NEW -> Contingent Buyer Assistance Program
L

LaZboy_IHB

New member
Is there any new Townhouse/Condos in Irvine/Tustin areas don't require a Mello-Roos, or hefty HOA dues like those by TIC?

Any suggestions...
 
<p>Mello Roos and HOA fees are not created by TIC. Village of Columbus is not TIC and has mello roos and high HOA fees. Back to your original question, I would say no. Mello roos are up to the developer and HOA is charged by the homeowner associations.</p>
 
I believe Corte Bella in Irvine (Harvard and Barranca) does not have any melloroos. Complex was built in the 90s. HOA's are around $250.
 
I don't think you can find a condo association without dues anywhere on the planet. Someone has to be responsible for common area maintenance. That is why HOAs were established. As for Mello-Roos, that is a neighborhood by neighborhood thing. All new neighborhoods will have Mello Roos. Some of the older neighborhoods have paid them off.
 
I once lived in a de minimus PUD. the fees were $25.00 a year. Yes, a year. Every year, when we were billed there were people who didn't want to pay and asked me if they had to pay. I'd say, you want the grass mowed don't you, they said yes, and I said, then, pay.
 
"I believe Corte Bella in Irvine (Harvard and Barranca) does not have any melloroos. Complex was built in the 90s. HOA's are around $250. "



new ??? that's 10-15 years old
 
Mello-Roos 101



Mello_Roos is actually slang for Community Facilities Districts. It comes from the names of the 2 legislators who introduced a bill in the state senate in the mid 1980's to allow a single land owner (master developer) to encumber the property with a bond issue for infrastructure improvements and then pass the debt on to the homeowner.



It allowed master deveoplers to put in infrastructure such as streets, storm drains, parks, schools,slopes, and other up front improvements with other peoples money.



Each CFD is different and there is a state mandated disclosure which sets forth the amount, length, and the annual increase that is allowed by the bond. It also includes the phone number of the issuing agency for a buyer to contact for information. Most CFDs are between 30 and 40 years in length so the first CFD's placed on planned developments in the late 80's are near the end of their life. Some can be payed off up front at a savings while others have to run the full period for to insure return for the investors.



CFD's are billed along with your tax bill but are not taxes since they have a beggining and an end. Perhaps "awgee" can comment on the deductibility or not.



Most planned communities mapped since the late 1980's will have one or more CFD's. The majority of real sale agents do not fully understand CFDs



Regards
 
<p>Mello roos paid to finance improvements that tend to increase the value of your home are NOT tax deductible at either the federal or state level. This is the lion's share of mello roos that are paid.</p>

<p>Mello roos paid to maintain or repair the improvements/infrastructure in the CFD are deductible for income tax purposes. Good luck figuring out how much of the CFD's paid go toward that purpose though. I've never tried to get that answer from the CFD maintenance organization. </p>
 
They are going to build some new condos in Woodbridge where the closed down elementary school is. These condos will have no mello roos since they will be part of the Woodbridge village association.
 
<p>reid</p>

<p>Prior to that time developers paid for infrastructure and added it to the home cost. MR reduces buying power since you can put that amount towards mortgage payments.</p>

<p>Older areas usually do not have CFDs but often times don't have new parks, newer schools, and other amenities. </p>

<p>That is why in some areas people do rebuilds to homes on large lots with out dues or CFDs. </p>

<p> </p>

<p>ipoplaya</p>

<p>It is hard to decide which way to go on deducting the CFD costs.</p>

<p> </p>

<p>Regards</p>

<p> </p>
 
You must log in or register to reply here.
Back
Top